Rovers will be entitled to a further £280,000, making the overall fee rise to £520,000, depending on appearances and promotion.
The Wirral club will be paid £45,000 for every 15 times Cresswell turns out for his new club, up until a total of 60 appearances, while £100,000 will change hands if Ipswich are promoted to the Premier League either this season or next.
In addition, Tranmere will receive 20% of any money Ipswich receive for Cresswell.
Rovers chairman Peter Johnson said: "Although it didn't meet our expectations I am pleased with the result of the tribunal.
"Aaron Cresswell is the sort of player who will fulfil their requirements and no doubt appear in the 60 games we need to maximise the additional income."